Peloton exercise machines have become one of the best options for having a small gym at home. More and more people are encouraged to acquire a bicycle or a treadmill. Although sometimes, financially, this is something that can be complicated.
So there are different payment plans for people who are encouraged to acquire one of these machines and do not have the possibility of paying in a single installment. Financing Peloton exercise machines is possible, and we will explain it below.
Peloton Equipment Financing
No doubt all of us who lack time have thought about purchasing exercise equipment such as a treadmill or a bike. Peloton, with its line of machines and applications to organize your exercises, is focused on people like you who want to enjoy the gym results at home.
Setting up your home gym is undoubtedly one of the dreams of exercise enthusiasts, a dream that, in some instances, can be costly. That’s why financing company Affirm, in partnership with Peloton, is putting together payment plans so users can pay for their equipment in installments.
Affirm and Peloton, a partnership that fits you perfectly
With Affirm, you can acquire your favorite Peloton equipment and pay for it in a series of interest-free monthly installments. This is by opting for a financing plan based on your credit history that has an immediate response in real time.
This is intended to accommodate the prices of bicycles and treadmills according to the user’s convenience and cost-effectiveness. For example, a $1,895.04 bike will cost you $157.92 per month on a 12-month plan. This sounds amazing, plus you have a 0% APR and no interest is charged.
Likewise, Affirm also offers 24 and 36-month financing plans, depending on how you are approved for financing and your history with Affirm. In this case, you will be the one to choose the final term of the payment plan.
Do I need to have an Affirm account?
The surprising thing about these loans is that you don’t necessarily need to have an Affirm account, although, at some point, it is preferable to be approved. As long as you meet the requirements, the Affirm system will approve you, and you can purchase your Peloton equipment.
However, once the payment plan begins, it is recommended that you download the Affirm app to organize your payments. This is with the automated payments feature that their app offers.
How do I opt for financing with Affirm?
This is a simple process. Go to Peloton’s website and choose your preferred product. Once there, you will have to choose to Affirm as your payment method.
Here comes the time to enter your personal information and see if you will be approved for the financing you are looking for. This will take a few minutes in a process usually approved as long as you meet the requirements.
Just like that, you can wait for your Peloton equipment, which you will have to pay in easy installments according to your chosen payment plan. You can choose the payment plan that best suits your financial life and budget.
When do I start paying the installments?
According to Affirm and Peloton’s policy, the financing time will start 30 days after you receive the home delivery. So the installment plan is adjusted once you have the product.
Likewise, you will always have the possibility to cancel all the remaining installments at any time you want. This is without any additional charges or anything like that. This is done through the Affirm application.
The versatility of payments is in your hands when you apply for Affirm loans. Just as you can pay off the minimum monthly amounts, you can pay anytime from their “make a payment” section.
What information will Affirm ask for?
To finance the purchase of your Peloton product Affirm will ask for information such as your name, complete address, and social security number. This is to verify your identity. Likewise, you will also be asked for your pre-tax income.
What influences the decision?
In any case, the decision of whether you are worthy of funding is left up to the Affirm system. In the same way, the Affirm system will measure the plans and budgets you can opt for based on your financial capabilities.
Will my credit history be affected?
This is a general question regarding loans and financing; in this case, it’s a “no.” Affirm does not report to credit bureaus, so you don’t have to worry about your credit history being affected by this process.
“Peloton® | Exercise Bike With Indoor Cycling Classes Streamed Live & On-Demand.” Peloton® | Workouts Streamed Live & On-Demand, https://www.onepeloton.com/financing.
“Peloton Financing with Affirm: Flexible Payment Plans for Your Peloton Bike and More.” Affirm | Buy Now, Pay Later with No Late Fees or Surprises, https://www.affirm.com/shopping/stores/peloton.